96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010
HB1514


 
Introduced 2/18/2009, by Rep. Michael J. Madigan - Barbara Flynn Currie - John E. Bradley
 
SYNOPSIS AS INTRODUCED:
 		













30 ILCS 225/1
  from Ch. 102, par. 34







    Amends the Public Funds Deposit Act.  Makes a technical change in a Section
concerning deposits.
















LRB096 04925 RCE 14991 b

















 


 


A BILL FOR









 











HB1514

LRB096 04925 RCE 14991 b






1
    AN ACT concerning finance.

 
2
    Be it enacted by the People of the State of Illinois, 
3
represented in the General Assembly: 

 
4
    Section 5. The Public Funds Deposit Act is amended by 
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changing Section 1 as follows:
 



6
    (30 ILCS 225/1)  (from Ch. 102, par. 34)



7
    Sec. 1. Deposits. Any treasurer or other custodian of 
8
public funds may
deposit
such funds in a savings and
and loan 
9
association, savings bank, or State or
national bank
in this 
10
State.  When such deposits become collected funds and are not 
11
needed
for immediate disbursement, they shall be invested 
12
within 2 working days
at prevailing rates or better.  The 
13
treasurer or other custodian of public
funds may require
such 
14
bank, savings bank, or savings and loan association to deposit 
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with
him or her securities
guaranteed by agencies and 
16
instrumentalities of the federal government
equal in market 
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value to the
amount by which the funds deposited exceed the 
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federally insured amount.
Any treasurer or other custodian of 
19
public funds may accept as
security for public funds deposited 
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in such bank, savings bank, or
savings and loan association any 
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securities or other eligible
collateral authorized by Sections 
22
11 and 11.1 of the Deposit of State
Moneys Act (15 ILCS 520/11 
23
and 11.1) or Section 6 of the Public Funds
Investment Act (30 
 


 






HB1514
- 2 -
LRB096 04925 RCE 14991 b




1
ILCS 235/6).
Such treasurer or other custodian is
authorized to 
2
enter into an agreement with any such bank, savings bank,
or 
3
savings
and
loan association, with any federally insured 
4
financial institution or trust
company, or with any agency of 
5
the U.S. government relating to the
deposit of such securities.

6
Any such treasurer or other custodian shall
be discharged from 
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responsibility for any funds for which securities are
so 
8
deposited with him or her, and the funds for which securities 
9
are so
deposited shall not be subject to any otherwise 
10
applicable limitation as
to amount.
11
    No bank, savings bank, or savings and loan association 
12
shall receive
public funds as
permitted by this Section, unless 
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it has complied with the requirements
established pursuant to 
14
Section 6 of the Public Funds Investment Act.

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(Source: P.A. 93-561, eff. 1-1-04.)